PONDUSD At least one more bullish extension left.
Marlin (PONDUSD) is having a +40% 1D candle so far, breaking above its 0.5 Fibonacci retracement level. The long-term pattern since has been a Channel Down since the early 2021 market top so there is still no indication of a long-term trend shift to bullish but at least on the short-term, there is further potential for a bullish extension above the 1D MA200 (orange trend-line) and the Lower Highs (top) trend-line of the Channel.
Technically this is similar to the July - September 2021 rise which completed the rebound exactly at the top of the Channel Down and above the 1D MA200. This is also depicted on the RSI action, which is just shy of the 70.000 overbought level as it was on Aug 13 2021. Naturally a pull-back to the 1D MA50 (blue trend-line) would be ideal for a new buy entry, targeting 0.025. A break above the Channel Down would target the 0.04570 Resistance. Only a break above that level or the 1.382 Fibonacci Channel extension, can validate a long-term trend shift to bullish.
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Technically this is similar to the July - September 2021 rise which completed the rebound exactly at the top of the Channel Down and above the 1D MA200. This is also depicted on the RSI action, which is just shy of the 70.000 overbought level as it was on Aug 13 2021. Naturally a pull-back to the 1D MA50 (blue trend-line) would be ideal for a new buy entry, targeting 0.025. A break above the Channel Down would target the 0.04570 Resistance. Only a break above that level or the 1.382 Fibonacci Channel extension, can validate a long-term trend shift to bullish.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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